Columbia University Student Financial Services

Funding for Perkins loans is by federal appropriation to the University, which then allocates funds to various divisions. Therefore, Perkins funds are limited. Perkins loans are awarded to students based on an assessment of exceptional financial need as determined by the results from a FAFSA and the policies of each school’s financial aid office.

Eligibility

• Meet full federal eligibility

• Complete a FAFSA

• Complete a Federal Perkins Loan Master Promissory Note (MPN)

Application

There is not a separate loan application for Perkins loan consideration. However, if you are awarded a Perkins loan, you will need to complete a Federal Loan Master Promissory Note (MPN). Please check with your school’s financial aid office for additional form requirements and for more information.

Borrowing Limits

There is an annual limit of $6,000 for eligible graduate students. The cumulative borrowing limit is $40,000, including any undergraduate or previous graduate Perkins loans.

Interest Rate

Perkins loans have a 5% fixed interest rate. Interest does not accrue during eligible enrollment or during the 9-month grace period.

Fees

There are no loan fees for Perkins loans.